The Monetary Authority of Singapore will change the tax incentives it gives to single family offices in an effort to boost the hiring of locals and investment in the country’s equity markets.
Commercial buildings in the central business district stand near Marina Bay in Singapore. —
“Given our great success in being able to attract so much wealth here, we can afford to ask wealth to play a bigger role in our society and in our economy,” Menon said. His comments come after outgoing MAS chairman Tharman Shanmugaratnam said last month that the firms’ contributions to these areas will be recognized.
Even though the increase of family offices has boosted the overall assets under management, much of that wealth isn’t seen to be invested within Singapore - blunting expectations that their enlarged presence would result in a flood of local jobs. The planned measures aim to fix this. Encouraging participation in blended finance structures, including those supporting the region’s transition to net zero. For grants that these entities provide to support such structures with no expectations of income or return of principal, authorities will recognize as S$2 for every dollar spent, among incentives
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